Speed acquires consumer and sports shop KTB PR

Speed has acquired consumer and sports shop KTB PR in a bid to become a top 20 UK PR agency.

The acquisition will add to Speed’s current consumer, corporate, media and technology PR services.

The combined business, with an expected turnover of £4m, will employ more than 45 people and have clients that include adidas, The Associated Press, Clinton Cards, The Economist, Tesco and Toshiba.

Speed MD Stephen Waddington said: ‘Speed has the ambition to be a top 20 UK PR agency by 2015. A strong consumer offering is a critical cornerstone of this proposition. The acquisition broadens Speed’s existing consumer offer and adds both management and client service credibility. We’ll be considering the merits of further acquisitions over time to help bolster further organic growth.'

The cash and shares deal follows the acquisition of Speed’s former parent company Loewy Group via a £4.5m fundraising by private equity firm Writtle Holdings last July.

KTB PR's 12 employees are to merge with Speed’s consumer team with immediate effect and will move into Speed’s office in Leicester Square by the end of July.

Kate Bosomworth, KTB’s founder and MD, will head the newly enlarged consumer team and join the Speed board.